Tectonic Therapeutic (NASDAQ:TECX) Receives Average Recommendation of “Buy” from Brokerages

Tectonic Therapeutic (NASDAQ:TECX) has been assigned an average rating of “Buy” from the seven ratings firms that are covering the stock, MarketBeat.com reports. Six investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. The average twelve-month price target among analysts that have updated their coverage on the stock in the last year is $79.20.

Several research analysts recently weighed in on TECX shares. Wells Fargo & Company cut their target price on shares of Tectonic Therapeutic from $112.00 to $101.00 and set an “overweight” rating for the company in a research note on Friday, March 21st. Mizuho boosted their target price on shares of Tectonic Therapeutic from $51.00 to $85.00 and gave the company an “outperform” rating in a research note on Thursday, May 15th.

Tectonic Therapeutic Trading Up 4.9%

Shares of TECX opened at $24.56 on Wednesday. The stock has a market cap of $458.61 million, a P/E ratio of -4.17 and a beta of 3.44. The company has a 50-day moving average of $19.46 and a two-hundred day moving average of $33.38. Tectonic Therapeutic has a 12-month low of $13.70 and a 12-month high of $61.07.

Tectonic Therapeutic (NASDAQ:TECX) last announced its earnings results on Thursday, May 8th. The company reported ($0.93) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($1.10) by $0.17. As a group, analysts forecast that Tectonic Therapeutic will post -8.31 EPS for the current fiscal year.

Insider Activity at Tectonic Therapeutic

In related news, Director Timothy A. Springer bought 87,500 shares of the firm’s stock in a transaction that occurred on Monday, April 7th. The shares were acquired at an average cost of $17.10 per share, with a total value of $1,496,250.00. Following the completion of the transaction, the director now owns 4,313,558 shares of the company’s stock, valued at approximately $73,761,841.80. The trade was a 2.07% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Over the last ninety days, insiders acquired 100,696 shares of company stock worth $1,705,714. 38.00% of the stock is currently owned by insiders.

Institutional Trading of Tectonic Therapeutic

A number of institutional investors and hedge funds have recently made changes to their positions in TECX. Paradigm Biocapital Advisors LP acquired a new stake in shares of Tectonic Therapeutic during the 4th quarter worth $22,397,000. Millennium Management LLC lifted its stake in shares of Tectonic Therapeutic by 726.4% in the 1st quarter. Millennium Management LLC now owns 237,938 shares of the company’s stock valued at $4,214,000 after purchasing an additional 209,145 shares in the last quarter. Farallon Capital Management LLC lifted its stake in shares of Tectonic Therapeutic by 37.0% in the 4th quarter. Farallon Capital Management LLC now owns 713,050 shares of the company’s stock valued at $32,922,000 after purchasing an additional 192,653 shares in the last quarter. Woodline Partners LP lifted its stake in shares of Tectonic Therapeutic by 132.3% in the 1st quarter. Woodline Partners LP now owns 302,215 shares of the company’s stock valued at $5,352,000 after purchasing an additional 172,106 shares in the last quarter. Finally, Ally Bridge Group NY LLC acquired a new position in shares of Tectonic Therapeutic in the 1st quarter valued at about $2,342,000. 62.63% of the stock is currently owned by institutional investors and hedge funds.

About Tectonic Therapeutic

Tectonic Therapeutic, Inc engages in discovery and development of therapeutic proteins & antibodies. The company was founded by Timothy A. Springer and Andrew Kruse in 2019 and is headquartered in Watertown, MA.